Lack of availability of parts in the supply chain, shipping conditions overseas, and availability of chassis for the VMC Optimal products have caused delays to our production timelines and externally affected our ability to meet previously stated figures. Revenue guidance is being revised to a range of USD$70-90 million and EBITDA guidance is being revised to a range of USD$3-5 million. "However, in response to current supply chain challenges, we are revising our guidance for FY2022 which had been announced November 12, 2021. This raise, supplemented by our cash position and CAD$20 million line of credit, has positioned us to significantly ramp deliveries to our growing dealer base in the second half of 2022. The focus of this facility is ‘Buy America' compliant production, allowing us to further penetrate the U.S. "We fortified our balance sheet in the first quarter, funding our nearly complete Ferndale, Washington facility. "Our backlog for expected 2022 delivery grew to over USD$90 million, the majority of which are for electric vehicles, reflecting our rapid transition in product mix to meet the ever-changing needs of transit customers. "The first quarter of 2022 was highlighted not only by continued order momentum, but by the strategic expansion of our North American distribution network with the addition of several exciting new dealers to drive penetration of our growing portfolio of all-electric vehicles," said William Trainer, Founder and Chief Executive Officer of Vicinity Motor Corp. ![]() Presented at several leading automotive industry and investor conferences nationally including the Advanced Clean Transportation Expo, Planet MicroCap Showcase 2022, Winter Wonderland Best Ideas Conference, Stifel 2022 Transportation & Logistics Conference and the Canaccord Genuity Carbon & Energy Transition Conference.Fortified its balance sheet through a $12 million financing to fund the Ferndale, Washington facility, in addition to being awarded a C$2.6 million non-repayable grant from a Canadian government foundation.Appointed global automotive engineering executive Dennis Gore as Vice President of Engineering, bringing 35+ years of experience from Gillig Bus, Zero Motorcycles, Honda, Mitsubishi Motors and among others.Expanded agreement with ABC Companies now spanning 18 states, contracted to order 18 VMC Optimal S1 shuttle buses and 3 Vicinity™ Classic buses - in addition to the previously announced 10 Vicinity Lightning™ EV buses slated for delivery in 2022.Soderholm Sales & Leasing, a full-service bus dealer in Hawaii and the Pacific Islands region, including an initial commitment for four vehicles.territory, including an initial $2 million order for both EVs and ICE vehicles. full-service passenger transportation company, for the Northeastern U.S. Central States Bus Sales, Inc., one of the largest school and commercial bus dealers in the U.S., including an initial commitment for 18 vehicles for the central U.S.Hoekstra Transportation, Michigan's largest school bus, commercial bus, cargo and custom van dealer, for the territory of Michigan, Indiana and Ohio including an initial order for eight (8) vehicles.Signed multiple new distribution agreements to offer the Company's product portfolio in the United States with:.Secured order backlog exceeding USD$90 million, including orders for 2 EV trucks from Canadian automotive dealers in British Columbia and Ontario. ![]() (NASDAQ:VEV)(TSXV:VMC)(FRA:6LGA) ("Vicinity" or the "Company"), a North American supplier of commercial electric vehicles, today reported its financial and operational results for the first quarter ended March 31, 2022.įirst Quarter 2022 and Subsequent Operational Highlights ![]() Distribution Network with Addition of Several New U.S. Order Backlog for 2022 Delivery Exceeds USD$90 million Company Fortifies North American.
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